The core value of NFT
The surge of bitcoin has opened a bull market frenzy and attracted the attention of most investors in the market. However, the market heat of DefI is still on the rise. With the help of this wave of overall rising sentiment, a new star in DefI is rising, which is NFT.
With the continuous expansion of the application field of blockchain technology, the process of asset digitization is becoming the core force in the evolution process of digital economy. With the help of blockchain technology, the process of asset digitization is speeding up. NFT shows its core value in dealing with irreplaceable assets and intangible assets in the real economy.
NFT is based on ERC-721, ERC-1155 and other Ethereum protocol standards. The essence of NFT protocol is to deal with the ownership transfer, circulation rule making and triggering events of non-fungible tokens. It is partially compatible with ERC-20 protocol, which avoids the “island effect” of assets on the chain and is conducive to the interconnection of assets.
According to the characteristics of NFT token, each token has an independent and unique ID. Different from the divisibility of ERC-20 token, NFT cannot be broken into parts, and its minimum unit is “1”.
Under the value guarantee of blockchain technology, NFT is widely regarded as an innovative application mode connecting digital and real economy in the future, triggering asset circulation and value-added.
BSC: a public chain with better performance
At present, NFT application scenarios around the world are mainly concentrated in games, trading markets, virtual worlds and art collections. According to the industry report of NFT in the third quarter of 2020, the active NFT applications are mainly concentrated on Ethereum. It can be said that Ethereum almost covers 99% of the daily life and trading volume of NFT wallet, and Ethereum ecology occupies an absolute dominant opportunity in the NFT market.
However, with the rapid growth of blockchain applications on Ethereum network, Ethereum has encountered some pain points, such as high gas fee, network congestion, low TPS (transaction volume per second), which need to be solved urgently. At present, an ordinary transaction of Ethereum usually costs US $10–30, and the transaction time is 5–10 minutes. The expensive and inefficient network makes users have to find another public chain with excellent performance.
Binance Smart Chain(BSC) is a public chain to standard Ethereum. BSC is programmable and can match with Ethereum virtual machine (EVM) by using smart contract. This means that developers are free to deploy DAPP without having to spend a lot of effort redeveloping it. BSC adopts consensus mechanism of POSA, and TPS can reach 1000. BNB, as the only platform token, is the link of capital flow and governance mechanism in the whole economic ecosystem. Using BNB as gas fee settlement can save more than 90% of the cost compared with Ethereum.
Authmen will launch on BSC soon
In view of the high cost and low efficiency of Ethereum chain feedback from users, in order to bring better liquidity mining experience to users, Authmen plans to launch on BSC next.
Authmen will launch liquidity mining on BSC, which is the same as that on Ethereum network. The mobile mining on BSC also adopts LP + NFT mining mode. Users can mine in the mine pool through their own Authmen NFTs to obtain auth token. Different levels of NFTs have different mining efficiency. User’s operation is basically consistent with the original mining process, and the only difference lies in the high efficiency and low cost brought by BSC.
Because the BSC adopts the dual chain architecture technology, users of Authmen can simply migrate to the BSC. You only need to set up the BSC network when using the wallet, and then you can enjoy the higher speed and lower cost of the BSC network. The goal of Authmen is to use the flexibility of BSC to bring users better experience and service.
In the next phase, Authmen will consider providing decentralized storage services for NFT projects in BSC ecology.
Because centralized storage is often limited by data content review and data sovereignty, NFT data is not suitable to be stored in centralized server. The decentralized network of Authmen, based on tee’s privacy technology and IPFS file protocol, can provide a fair and verifiable storage market for NFT, and return the ownership of data to users. At the same time, the reliability of user’s file storage can also be guaranteed, which is naturally more friendly to NFT data.
Based on TEE technology, Authmen provides an economic and reliable decentralized storage market. In this market, the user initiates a storage order, and the Authmen network node can store the file according to the order requirements. If the file is lost, the node will also face the punishment of the network.
Therefore, the storage and transaction of NFT based on Authmen will be extremely simple. NFT developers and asset owners only need to focus on their own business or asset value, and give the data storage to a decentralized network like Authmen, which will be a benign development in the future.
By 2021, NFT + DeFi will be the lead singer on many blockchain tracks. When the market sentiment of DeFi gradually returns to rationality, NFT connects it to “virtual and real” assets with its unique characteristics and application forms. With the emergence of NFT + DeFi supermarket, the scale of global NFT market will gradually expand, and the application scenarios and ecology will continue to enrich.
